Short answer
USA Rare Earth, Inc. (USAR) filed its Q1 2026 10-Q quarterly report on May 14, 2026 for the quarter ended Mar 31, 2026. Quarterly revenue was $6M with net income of −$67M.
Q1 2026 key financials · XBRL
- Revenue
- $6M
- Net income
- −$67M
- −229.2% YoY
- Operating margin
- -643.6%
- Gross margin
- 1.9%
- EPS (diluted)
- −$0.34
- −158.6% YoY
Source: XBRL data from the USA Rare Earth, Inc. (USAR) Q1 2026 10-Q on SEC EDGAR. USD.
USA Rare Earth, Inc. Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $5.7M, versus no prior-year revenue; all generated by Less Common Metals
- Gross profit $0.1M, gross margin 1.9%; lower volumes caused fixed-cost under-absorption
- Net loss $68.1M, including $43.6M non-cash financial-instrument fair-value loss
- Cash and equivalents $1.75B; operating cash flow used $18.5M
- $1.50B PIPE funding for capacity expansion; near-term profitability dependent on scaling Stillwater and Round Top projects
Risk Factors
- No material changes to 2025 Form 10-K risk factors as of May 14, 2026
- Potentially changed risks incorporated through Exhibit 99.1 filed May 13, 2026
- Merger execution risk heightened by March 4, 2026 Texas Mineral Resources transaction
- Acquisition integration risk heightened by April 19, 2026 Serra Verde transaction
- Carried-forward risks remain those disclosed in the 2025 Form 10-K
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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